Japan's Electric Power Devt to buy CBK Power Co
Monday, November 22, 2004
JAPAN'S Electric Power Development Co Ltd (J-Power) has agreed to purchase electricity producer CBK Power Company Ltd from Argentine firm IMPSA Asia Ltd and Edison Mission Energy, the Department of Energy said.
CBK Power has a 25-year contract to build, rehabilitate and operate state-run National Power Corp's hydropower facilities in Laguna province.
"We welcome the entry of a well-known and highly experienced company as a new power investor in the Philippines," Energy Secretary Vincent Perez said in a statement.
"We regret that Edison Mission Energy and IMPSA have had to divest [from] CBK, but the Philippines had gained through the entry of a strong participant in the Philippine energy sector."
Perez did not provide financial details.
Edison Mission Energy has been planning to sell its international assets, including projects in the UK, Australia, Italy, Spain, Turkey, Indonesia, and Thailand.
Perez said IMPSA "decided to use this opportunity to divest its shares in CBK at the same time with Edison Mission to re-align its financial position due to the recent currency crisis in Argentina."
J-Power has 72 power plants in seven countries, and some of these facilities are hydroelectric plants such as those of CBK Power.
posted by philpower @ 8:12 AM,
